Bloomberg reported on October 23, 2026 on which Anthropic backers stand to gain most from its IPO. Iconiq holds a stake worth about $17 billion at the last private valuation, and Spark Capital's $75 million check from its 2023 round may be worth around $7 billion. The S-1 disclosed no preference stacks or conversion terms, and no investor holds more than 5% of Anthropic. At a $2 trillion valuation, employee options and RSUs would be worth $331 billion across 5,300 employees, averaging $62 million each. The figures rest on the last private valuation and will be recalculated at pricing; how the windfall splits remains open.